Third-party lifecycle management

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Third-party lifecycle management is the discipline of managing the complete relationship between an organization and its suppliers, contractors, distributors and business partners, from identification and onboarding through offboarding, including risk assessment, contracting, document control, operations and an auditable record of every interaction. It differs from procurement in that it manages an ongoing state rather than a transaction: an insurance certificate lapses, an ownership structure changes, a worker rotates off, a certification expires.

In Verdana: see the Verdana platform.